Money Matters
NamasteBiotches
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Down payment
How much of a down payment did you put down?
I'm just thinking ahead. We just listed our house for sale & we got our projected proceeds. The house we're in we got through a special program & didn't need anything down. This time around, we'll either have a FHA or a conventional loan.
Giving 20% would make us broke so I'm not sure we'll be able to do that. Is 10% the next best thing, you think? 5%?
What does MM think?
Re: Down payment
You'll be paying PMI until you reach 20%. The more equity you have the less PMI you pay. You can type PMI caculator into google to find a PMI calculater. You can figure out how much PMI will cost based on different DP amounts with it.</P
We saved up a 20% down payment, but the home we purchased was a foreclosure and it appraised for much higher than we purchased it for. So we didn't put any down and didn't have PMI. We took that 20% and put it into beginning the remodel on the home. </
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I would do almost anything to avoid paying PMI. It's a waste of money. If you didn't buy the house right now, how long would it take you to save the full 20%? Is that an option? Can you buy less house?
Also you ha
Find some second PT jobs and gather some more cash. Go 20% down if you can move heaven and earth to do so.
In june 2013 new FHA rules will kick in. PMI will then be for the entire 30 year period which adds a ton of money you are payin
We bought our house several years ago, but we did 5% down, 15% in a second mortgage, and 80% in a conventional 30-yr mortgage. Doing the second mortgage allowed us to skip PMI. Our interest rate on the second is higher, but it's still cheaper than PMI.
30 year PMI is for FHA loans only.
The Fed has said it will not raise the prime rate until sometime after 2014, depeding and then only based on conditions at that time. That means mortgage rates will not change by much (but they do fluctuat
We did a 10/10/80 to avoid PMI. We pay a slightly higher rate on the 10% loan, but not enough to make it worth paying PMI.
We also didn't need (and don't have) an escrow that way.
Edited for grammar.
FWIW, I know some people don't like Bank of America but I must say the mortgage officer who we've been communicating with is exceptionally eager to answer all sorts of newbie questions we have.
Some other bank took forever to get back to us
Personally, I've never put 20% down and never regretted not doing so. We did have to pay $5k to sell our NoVA home when we moved to TX last June, but that was WAY less than putting 20% down back in 2006 and we saved over $70k in taxes due to the